Existing home sale prices rise 19.2 percent in Las Vegas in 2005
LV Review Journal - LAS VEGAS (AP) - The median sale price of existing homes in the Las Vegas area rose 19.2 percent in 2005, with the biggest gains concentrated centrally, rather than in the upscale master-planned suburbs, a research firm said.
Las Vegas-based SalesTraq said it looked at nearly 56,000 transactions to come to its conclusion, which showed the largest increases were no longer in communities such as Summerlin, Green Valley and Anthem, but in the northeast and central part of the city.
“We came back with 19.2 percent after doing 45 percent (in 2004),” said SalesTraq president Larry Murphy. “That’s almost a miracle, too. I was saying there would be no crash, but prices would hit a plateau. This town just keeps blowing my socks off.”
The company said that houses in ZIP code 89109, the Winchester area east of the Strip, posted the highest appreciation last year of 69 percent, based on average price per square foot.
Inner-city ZIP codes 89101, 89104 and 89106 showed appreciation rates of 36 percent to 44 percent, while 89030 in North Las Vegas increased 36 percent and 89115 near Nellis Air Force Base jumped 37 percent.
Murphy said the increase in the Winchester area is primarily due to sales at Turnberry Place, a luxury high-rise condo development where units are averaging more than $1 million.
As long as Las Vegas continues to post strong job and population growth, the real estate market will remain healthy, said John Restrepo, principal of Restrepo Consulting Group.
“We’re not going to see the high double-digit growth rather of ‘04 and ‘05, largely because speculators have left the market,” he said. “We’re headed toward a more normal market, maybe 10 percent (appreciation) in terms of housing. It’s just cooling off.”
For more information, contact MillionSaverHomes.com a local Las Vegas real estate broker at 702.212.3513.
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